U.S. touts EU trade truce, attention now turns to China

U.S. touts EU trade truce, attention now turns to China The Saigon Times Daily A container truck moves past containers at the Yangshan Deep Water Port in Shanghai, China April 24, 2018 – PHOTO: REUTERS WASHINGTON (REUTERS) – The United States signaled on Thursday it is set to push ahead on trade talks with Canada and Mexico after agreeing to suspend hostilities over tariffs with Europe in a fragile deal that may clear the way for renewed pressure on China. A surprise deal struck on Wednesday will see Washington suspend the imposition of any new tariffs on the European Union, including a proposed 25% levy on auto imports, and hold talks over tariffs on imports of European steel and aluminum. The deal boosted share markets initially, and U.S. industrial shares were stronger on Thursday as fears of a trade war with Europe ebbed. Both sides claimed victory in the deal, reached by Trump and European Commission President Jean-Claude Juncker in Washington. In return for the talks and a suspension of auto tariffs, the EU will import more soybeans and energy from the United States. A White House official told Reuters that Juncker had shown greater flexibility than expected in the talks and that while there was no deadline for an overall deal, Trump retained the power to impose tariffs if progress was not made. One key aspect of the agreement, according to the official who spoke on condition of anonymity, was that the two sides had agreed to work together… [Read full story]